Emerald Lake Capital Management Invests in CORE Transformers

SANTA MONICA, Calif., Sept. 25, 2025 /PRNewswire/ -- Emerald Lake Capital Management ("Emerald Lake"), a growth-oriented middle market private equity firm, today announced it has made an equity investment in CORE Transformers ("CORE" or the "Company"). Terms of the transaction were not disclosed.

Headquartered in Seneca, South Carolina, CORE is a provider of new and reconditioned transformers and repair solutions to the commercial, industrial, data center, and renewable energy markets in the United States. CORE's highly successful leadership team, with nearly a century of combined industry expertise, will benefit from the industry experience, knowledge, capital, and human resources that Emerald Lake brings to the partnership.

"We are excited to partner with some of the most respected executives in the transformer industry," said Dan Lukas, Managing Partner of Emerald Lake. "CORE has built an impressive reputation as a mission-critical partner and product specialist for value added resellers, contractors, distributors, and renewable power developers. We look forward to supporting the Company's continued growth and commitment to its mission of providing safe, reliable, and sustainable transformer solutions. CORE's differentiated service offerings of speed, customization, and ease of doing business align perfectly with Emerald Lake's strategy of backing businesses with strong competitive positions in markets with long-term tailwinds."

"Partnering with Emerald Lake marks an important milestone for CORE," said Randall Maddox, Co-founder and President of CORE. "We have found a partner that shares our vision and culture, exhibits complementary skills, and has vast contacts across vendors, customers, and top level staff that have already opened growth opportunities."

Emerald Lake intends to support CORE through strategic investments in talent, technology, and inventory, while also pursuing select acquisitions to broaden the Company's service offerings and strengthen its market position.

About Emerald Lake Capital Management
Emerald Lake is a middle market private equity firm investing in capital-efficient businesses with sustainable competitive advantages and strong growth prospects in the industrials and services sectors. Emerald Lake seeks to accelerate company growth and unlock potential through supportive, trusting partnerships with management teams and a proven-value creation strategy. Founded in 2018, the firm manages approximately $1.6 billion of equity capital and has made ten platform investments to date. For more information, please visit www.elcm.com.

About CORE Transformers
CORE Transformers is a premier supplier of new and reconditioned transformers for the commercial, industrial, renewable, and critical power markets. CORE provides speed, ease of communication, and better performance all around to meet the needs of its industrial and commercial customers. For more information, please visit www.coretransformers.com.

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SOURCE Emerald Lake Capital Management